AIRLINK 81.10 Increased By ▲ 2.55 (3.25%)
BOP 4.82 Increased By ▲ 0.05 (1.05%)
CNERGY 4.09 Decreased By ▼ -0.07 (-1.68%)
DFML 37.98 Decreased By ▼ -1.31 (-3.33%)
DGKC 93.00 Decreased By ▼ -2.65 (-2.77%)
FCCL 23.84 Decreased By ▼ -0.32 (-1.32%)
FFBL 32.00 Decreased By ▼ -0.77 (-2.35%)
FFL 9.24 Decreased By ▼ -0.13 (-1.39%)
GGL 10.06 Decreased By ▼ -0.09 (-0.89%)
HASCOL 6.65 Increased By ▲ 0.11 (1.68%)
HBL 113.00 Increased By ▲ 3.50 (3.2%)
HUBC 145.70 Increased By ▲ 0.69 (0.48%)
HUMNL 10.54 Decreased By ▼ -0.19 (-1.77%)
KEL 4.62 Decreased By ▼ -0.11 (-2.33%)
KOSM 4.12 Decreased By ▼ -0.14 (-3.29%)
MLCF 38.25 Decreased By ▼ -1.15 (-2.92%)
OGDC 131.70 Increased By ▲ 2.45 (1.9%)
PAEL 24.89 Decreased By ▼ -0.98 (-3.79%)
PIBTL 6.25 Decreased By ▼ -0.09 (-1.42%)
PPL 120.00 Decreased By ▼ -2.70 (-2.2%)
PRL 23.90 Decreased By ▼ -0.45 (-1.85%)
PTC 12.10 Decreased By ▼ -0.89 (-6.85%)
SEARL 59.95 Decreased By ▼ -1.23 (-2.01%)
SNGP 65.50 Increased By ▲ 0.30 (0.46%)
SSGC 10.15 Increased By ▲ 0.26 (2.63%)
TELE 7.85 Decreased By ▼ -0.01 (-0.13%)
TPLP 9.87 Increased By ▲ 0.02 (0.2%)
TRG 64.45 Decreased By ▼ -0.05 (-0.08%)
UNITY 26.90 Decreased By ▼ -0.09 (-0.33%)
WTL 1.33 Increased By ▲ 0.01 (0.76%)
BR100 8,052 Increased By 75.9 (0.95%)
BR30 25,581 Decreased By -21.4 (-0.08%)
KSE100 76,707 Increased By 498.6 (0.65%)
KSE30 24,698 Increased By 260.2 (1.06%)

Cotton futures settled at a 8-1/2 month low on Monday on continued speculative and fund sales as rains over the weekend in west Texas contributed to a bearish market tone, brokers said. The New York Board of Trade's December cotton contract sank 1.07 cents, or 2.18 percent, to close at 47.93 cents a lb, its lowest settlement since December 27, 2004.
Trading on the day ranged from 47.80 to 48.65 cents. March fell 1.11 cents to 50.01 cents and back months closed 0.60 to 1.08 cents weaker.
"We had a bearish crop report on Friday and there were rains in west Texas over the weekend which contributed to the selling. It was weather related today because the crop is getting bigger. We were looking at a US production figure of about 21.3 million last month. I can see us hitting 22.5 million ... it's going to be big," said one cotton broker in the South.
Forecaster Meteorlogix saw widely scattered showers and thunderstorms through Thursday, with favourable crop conditions through west Texas.
Cotton futures settled lower Friday on steady speculative sales after USDA's monthly supply/demand report was deemed a non-factor for the market and traders shrugged the data off since the figures were already priced into futures when prices slipped during the week the data came out, analysts said.
USDA upped its estimate of world cotton production in 2005/06 to 109.79 million (480-lb) bales from 108.60 million last month. World consumption was at 112.02 million bales from 111.76 and ending stocks to 49.81 million from 48.95 million bales.
USDA estimated US cotton production at 21.29 million bales, from 19.8 million, raised US cotton exports to 15 million from 14.5 million and increase ending stocks to 7.0 million versus 6.7 million bales.
Brokers Flanagan Trading Corp saw resistance in the December contract at 49.10 and 49.80 cents, with support pegged at 47.25 cents. Floor dealers said estimated final volume hit 14,801 lots, compared with Friday's official count at 14,813 lots. Open interest grew 2,727 lots to 99,217 lots as of August 12.

Copyright Reuters, 2005

Comments

Comments are closed.